Under the Biden administration, about 8 million people enrolled in a 2023 income-driven repayment plan for student debt – the Saving on a Valuable Education (Save) plan.
But as of 1 August, the Trump administration has resumed charging loan interest under the Save plan to borrowers, who have been in forbearance since last year.
The Department of Education has recommended people switch to another repayment plan for their federal student loans. Borrowers can still forgo payments, but will see interest accruing on their loans and won’t make any progress toward student loan forgiveness.
We want to hear from you. Are you a US borrower who enrolled in the Save plan? What do you plan to do now that interest is again being charged? Will you be forced to make changes to your spending habits in order to make new payments? How will this affect you?
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